The Malaysian company said in a regulatory filing: "As permitted under the ISG Shareholders Agreement and the LGM Shareholders Agreement, MAHB exercised its RoFR through an indirectly wholly-owned subsidiary of MAHB called Malaysia Airports MSC Sdn Bhd ("MAMSC")."

The filing with Bursa Malaysia (the Malaysian stock exchange) further said, "It is anticipated that MAMSC will shortly enter into a share purchase agreement with GMRI, GMRO and GMRIG (collectively known as the "GMR Group" or the "Vendors"...For a total consideration of euro 225,000,000."

GMR Infrastructure in filing with Indian bourses said it received a communication from MAHB seeking its Right of First Refusal for acquisition of 40 percent stake.

"We would like to further inform that pursuant to the process of disinvestment of GMR?s 40 percent stake in Sabiha Gokcen International Airport and LGM tourism we confirm that early today we have received a notice from Malaysia Airports Holdings Berhad one of the shareholders of ISGIA and LGM seeking right of first refusal for acquisition of 40 percent equity stake in ISGIA and LGM," GMR said.

When contacted, a senior official of the GMR Group said they are in the process of going through all the documents.

"It will take possibly 3 months for the deal to be concluded," CFO of Airports vertical of GMR Sidharth Kapur told PTI.

The GMR Infrastructure consortium had taken over the Turkish Airport project in May 2008 and has the rights to operate it till 2030.

The consortium invested 470 million euro in ISGIA including the construction cost of 360 million euro for the new International terminal.

GMR Infrastructure scrip was quoting at Rs 24.10, up 1.05 percent, on the BSE towards the end of the session, after touching Rs 24.95 earlier in the day.